Inward remittance drops by 21pc in five months of FY22

| Updated: December 02, 2021 09:28:30

Inward remittance drops by 21pc in five months of FY22

Bangladesh received (USD) $1553.70 million in remittance in November, the lowest amount in 18 months.

In November last year, expatriates had sent $2078.74 million amid the lockdown due to the Covid-19 pandemic in almost all their host countries, reports UNB.

According to Bangladesh Bank (BB) data, Bangladesh received $8.61 billion in remittance in the first five months (July-November) of the fiscal year (FY) 2021-22.

The amount was $10.89 billion in the same period of last fiscal year. It means the expatriates’ income has decreased by 21 per cent, or $2.28 billion, in five-month in the current fiscal year.

The expatriate income shows a fall for the last five months in the current fiscal year despite renewed economic activities in the Middle Eastern and European countries and the USA. 

The sector insiders say money transactions on illegal channels (hundi) have increased since the pandemic related restrictions were lifted.

Besides, the rate of new employment is lower than the job loss.

The inward remittance inflow of the last five months of FY22 saw decreasing trend compared with the same period in FY21.

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